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The plan shifts away from areas long associated with the iconic Sears brand, such as tools, electronics and auto parts. A spokesman said the retailer will continue to sell home appliances. Lou Brzezinski, an attorney who represents several of the retailer’s landlords and suppliers, said his clients were relieved that the company had not given up. “It’s a measured and a reasonable approach to continuing operations in Canada and we’re happy to see that,” Brzezinski said, but noted the fallout would hit employees and retirees the hardest. “It’s the older people who need the money for their medical benefits and their dental benefits. They’re the ones that’s going to have to pay the price.” The company has total liabilities of C$1.1 billion as of April 29, according to financial disclosures. That includes outstanding loans, accounts payable, pensions and other debt. Its shares tumbled 14.7 percent to 40 cents in Thursday Nasdaq trading after touching a record low of 16 cents earlier in the day. The stock did not trade in Canada, where it was halted by the Toronto Stock Exchange. About 78 percent of Sears Canada shares are held by Lampert and others close to the company, according to Thomson Reuters data.
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